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The market is mostly driven by patients' choice for minimally invasive surgeries and the rising incidence of cardiovascular and chronic illnesses (CVDs). The Centers for Disease Control and Prevention (CDC) estimate that by 2060, 17.9 million individuals in Europe and 12 million people in the United States would have atrial fibrillation (AF).
The aging population and longer life expectancies are also anticipated to contribute to the growth. The need for extremely effective treatment is being created by older persons, who are driving the market for radiofrequency (RF) ablation due to their increasing susceptibility to chronic conditions. Global Health Organization (WHO) estimates that by 2050, there will be 2 billion individuals on the planet who are 60 years of age or older, up from 900 million in 2015. It is expected that the generation will drive expansion because it tends to have the highest rate of impairment and the greatest need for efficient care and treatment.
The market is expanding primarily due to a number of factors, including rising healthcare costs and a growing inclination for less invasive surgeries. If a new cancer develops, radiofrequency ablation can be used again as an effective treatment for tiny malignancies. At a compound annual growth rate of 2.6%, the U.S. Census Bureau projects that worldwide healthcare spending would reach USD 18.28 trillion by 2040. Healthcare expenditures in Germany accounted for 12.8% of GDP in 2021, the UK for 11.9%, Sweden for 11.3%, Norway for 10.1%, and Italy for 9.5%, according to the WHO Global Health Expenditure Database. The income generated by radiofrequency ablation devices is anticipated to increase as a result of this spending increase.
The growing incidence of long-term pain conditions like osteoporosis and arthritis, along with the advancement of healthcare facilities, will drive the market expansion. The Centers for Disease Control and Prevention estimate that 58.5 million Americans have received a medical diagnosis of arthritis, and by 2040, 78.4 million Americans (or 26%) who are adults and over will likely receive a diagnosis as well.
The initiatives & coverage for radiation therapy operations are restricted. Different regions, healthcare systems, and insurance companies have different reimbursement policies, and not all of the radiofrequency ablation treatments may be reimbursed by the programs that are already in place. Although radiofrequency excision is thought to be an efficient and secure remedy for a number of illnesses, such as cardiac arrhythmias, cancerous tumors, and chronic pain, insurance policies might not fully cover the costs of purchasing the device, paying for the procedure, and receiving follow-up care. Radiofrequency energy therapy patients and healthcare providers may have trouble receiving reimbursement approval for these operations, especially when it comes to off-label or experimental purposes that are not officially recognized by reimbursement agencies or regulatory bodies. Limited payment coverage might limit the potential for radiofrequency ablation equipment manufacturers to expand their market share, discourage healthcare providers from providing these services, and restrict patients' access to available treatments. For market acceptance to accelerate and guarantee patient access to radiation therapy technologies, it is imperative to tackle reimbursement issues and promote broader coverage policies.
The report will cover the qualitative and quantitative data on the global Radiofrequency Ablation Devices Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.
Study Period | 2024-31 |
Base Year | 2023 |
Estimated Forecast Year | 2024-31 |
Growth Rate | CAGR of 11.9% from 2024 to 2031 |
Segmentation | By Component Type, By Application, By End-use, By Region |
Unit | USD Billion |
By Component Type |
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By Application |
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By End-use |
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By Region |
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Radiofrequency Ablation Devices Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2024-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.
The report also helps in understanding Global Radiofrequency Ablation Devices Market dynamics, structure by analyzing the market segments, and project the Global Radiofrequency Ablation Devices Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Radiofrequency Ablation Devices Market make the report investor’s guide.
The market scope is segmented because of by Component Type, by Application, by End-use.
Based on the Component Type of the market is categorised Disposable Equipment, Capital Equipment, Reusable Equipment.
Disposable equipment held the biggest market share of 42.7% in 2022 and is predicted to grow at the quickest rate of 12.2% between 2023 and 2030. Disposable radiofrequency ablation device sales are increasing due to advanced technology that may cause vast areas of coagulative necrosis in a controlled manner, is relatively low in toxicity, and lowers the risk of complications.
It is anticipated that new product releases by both domestic and foreign enterprises would drive market expansion over the projected timeframe. In order to monitor the effects of radiation during cardiac ablation treatment, Boston Scientific Corporation introduced DIRECTSENSE Technology in June 2020, following FDA approval in April of the same year. In April 2017, Medtronic debuted the OsteoCool RF Ablation device in Canada with the aim of identifying bone metastases. This RF ablation device, which also includes twin probe capabilities, is the only one that provides customized, flexible, and dependable therapy.
Based on the Application of the market is categorised into Surgical Oncology, Cosmetology, Cardiology & Cardiac Rhythm Management, Gynecology, Pain Management.
In 2022, surgical oncology had the most market share. With the ability to treat diseased cells with radiofrequency ablation and increase the survival rate of high-risk patients with refractory and unresectable tumors, surgical oncology is becoming more and more popular. individuals with many tumors that cannot be treated with open surgery can benefit from RF ablation because it has fewer potential adverse effects, requires less time to recover from, and can be utilized on these individuals.
The most common cancer, breast cancer, with 2.3 million cases, follows by lung cancer, with 2.2 million cases, and colon cancer, with 1.9 million cases, as reported by the International Agency for Research on Cancer (IARC) in 2020. A total of 19.6 million people received a cancer diagnosis. Over the course of the projected period, the market is anticipated to grow due to the rising incidence of cancer worldwide.
A growing risk of Atrial Fibrillation (AF) is predicted to propel the cardiology and cardiac rhythm management segment's growth at the fastest rate throughout the projection period. The most prevalent arrhythmia is AF, according to the Department of Health's National Service Framework for Coronary Heart Disease. The catheter ablation method is expected to become one of the most often used electrophysiological procedures in the next years, propelling the market's growth.
By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study.
North America is anticipated to continue to dominate the market during the projected period, with the biggest revenue share of 31.2% in 2022. High cancer rates, rising purchasing power, technology, and government support for high-quality healthcare are major drivers of regional prosperity. The IARC estimates that 274,364 Canadians received a cancer diagnosis in 2020. Prostate cancer accounted for 29,972 of these new cases, the highest number, followed by breast cancer with 28,026 and lung cancer with 25,574.
Asia Pacific is anticipated to have the fastest CAGR of 12.1% over the projection period. The development of advanced technologies, including multi-needle electrodes that demonstrate accuracy, mobility, and cost-effectiveness, is expected to yield benefits for the regional market. The Asia Pacific region is increasing due in part to the rapidly growing economies of China and India's rising markets, as well as to more disposable income and improved healthcare facilities.
Moreover, the high incidence of chronic illnesses in this area may increase the demand for radiofrequency ablation equipment. Over half of all fatalities worldwide from cardiovascular diseases (CVDs) take place in the Asia Pacific area, according to the American College of Cardiology (ACC). From 5.6 million in 1990 to 10.8 million in 2019, deaths from CVD rose; 39% of the deaths occurred in people under the age of 70.
The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.
The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
To gain insightful analyses of the Radiofrequency Ablation Devices market and have comprehensive understanding of the global market and its commercial landscape.
Assess the production processes, major issues, and solutions to mitigate the development risk.
To understand the most affecting driving and restraining forces in the market and its impact in the global market.
Learn about the Radiofrequency Ablation Devices market strategies that are being adopted by leading respective organizations.
To understand the future outlook and prospects for the Radiofrequency Ablation Devices market. Besides the standard structure reports, we also provide custom research according to specific requirements.
Radiofrequency Ablation Devices Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends:
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20 Jun 2022
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